They keep all of your money if you make a mistake.
Honestly, I've never seen anything worse. Just had a chat with their support and asked what happens if you break a rule when in profit in a funded account. And their answer - you forfeit all the profit!
Imagine spending thousands of $$$s with them on subscriptions and resets, just to get funded. You finally get your funded account, you now have to pay them more money!! $80 a month.
But that's ok, you can just withdraw your profits right? NO! They make you trade 20 days between withdrawals, then you can take out SOME of your profit.
And as if that's not bad enough. Imagine you mess up and press the buy button one too many times, or you have accidentally put on an extra micro contract, or you leave a trade on one second past closing. Instead of just closing your positions, they take ALL OF YOUR PROFITS!
This is the lowliest, scummiest thing I have ever heard of. You could be $200000 up, waiting for that day when you get to take your money out, and BANG it's all gone because you made a mistake.
Their evaluations suck anyway, unless you pay extra and get the EOD drawdown. Because with the usual drawdown, it goes up when your unrealised profit goes up. Not a great way to trade, and not a good company.
Very shady practice of stealing all of your hard earned profits. I wouldn't touch them with a barge pole.
EDIT: Thanks for the reply, but my review is not false. It is based on what you told me via email, and is all 100% true. So please, at least be honest with people.
You firms are all the same, profiting from bad trader's misery. All you care about is making money via subscriptions and reset fees.
Imagine spending thousands of $$$s with them on subscriptions and resets, just to get funded. You finally get your funded account, you now have to pay them more money!! $80 a month.
But that's ok, you can just withdraw your profits right? NO! They make you trade 20 days between withdrawals, then you can take out SOME of your profit.
And as if that's not bad enough. Imagine you mess up and press the buy button one too many times, or you have accidentally put on an extra micro contract, or you leave a trade on one second past closing. Instead of just closing your positions, they take ALL OF YOUR PROFITS!
This is the lowliest, scummiest thing I have ever heard of. You could be $200000 up, waiting for that day when you get to take your money out, and BANG it's all gone because you made a mistake.
Their evaluations suck anyway, unless you pay extra and get the EOD drawdown. Because with the usual drawdown, it goes up when your unrealised profit goes up. Not a great way to trade, and not a good company.
Very shady practice of stealing all of your hard earned profits. I wouldn't touch them with a barge pole.
EDIT: Thanks for the reply, but my review is not false. It is based on what you told me via email, and is all 100% true. So please, at least be honest with people.
You firms are all the same, profiting from bad trader's misery. All you care about is making money via subscriptions and reset fees.
Response from Elite Trader Funding
Hi Vm,
First, we have no records of you ever having an evaluation with us, let alone making $200K in a day.
We're sorry you don't like our rules, but our payout structure is very clear and is there for a reason. We want consistent traders who know how to manage risk. Making $200,000 in a short amount of time shows lack of risk management.
As far as breaking a rule, we review each rule breach on a per trader basis. Did you simply make a mistake and instantly correct it? If you go over by one contract and correct yourself that is one thing, but if you intentionally manipulate the system and rules that's another. Also, we have limits set to prevent going over the contract limits in the trading platform and do not fail you if you inadvertently try to go over the position limits. Holding past close forces different margin requirements so that is why all trades must be closed before the close of the market.
We have the most evaluation options of any other firm. Our pricing on these evaluations is more than fair and we have sales often. If you can't find an option that fits your trading style or our rules that are set in place for a reason, then you may want to trade your own personal account according to your strategy and risk management profile, or lack thereof.
As you can see by our other reviews, we treat our traders very well and they are our top priority. Posting a blatantly false experience shows a true lack of understanding of how our evaluations function.
We wish the best in all your future endeavors.
First, we have no records of you ever having an evaluation with us, let alone making $200K in a day.
We're sorry you don't like our rules, but our payout structure is very clear and is there for a reason. We want consistent traders who know how to manage risk. Making $200,000 in a short amount of time shows lack of risk management.
As far as breaking a rule, we review each rule breach on a per trader basis. Did you simply make a mistake and instantly correct it? If you go over by one contract and correct yourself that is one thing, but if you intentionally manipulate the system and rules that's another. Also, we have limits set to prevent going over the contract limits in the trading platform and do not fail you if you inadvertently try to go over the position limits. Holding past close forces different margin requirements so that is why all trades must be closed before the close of the market.
We have the most evaluation options of any other firm. Our pricing on these evaluations is more than fair and we have sales often. If you can't find an option that fits your trading style or our rules that are set in place for a reason, then you may want to trade your own personal account according to your strategy and risk management profile, or lack thereof.
As you can see by our other reviews, we treat our traders very well and they are our top priority. Posting a blatantly false experience shows a true lack of understanding of how our evaluations function.
We wish the best in all your future endeavors.